BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

$ALGO is Primed for a Major Move; Could This Be the Start of a Major Rally?

Gary Ponce by Gary Ponce
November 16, 2024
in CRYPTO, DEFI, OPINION
Reading Time: 3 mins read
21
SHARES
347
VIEWS
Share on XShare in TelegramShare on Reddit
  • Strong Foundation and Growing Ecosystem: Algorand’s PPoS consensus mechanism and its focus on scalability and security have led to a growing ecosystem of dApps and DeFi projects.
  • Positive Market Sentiment: Recent developments, such as increased user activity and TVL growth, have boosted market sentiment around Algorand and its native token, $ALGO.
  • Technical Analysis: The recent breakout above key resistance levels suggests potential for further price appreciation, particularly if the broader market remains bullish.

Algorand

Algorand ($ALGO) is a blockchain platform designed to deliver high speed, security, and scalability. It utilizes an innovative consensus mechanism called Pure Proof of Stake (PPoS), enabling fast transactions with low latency and supporting thousands of transactions per second.

Price Movements

Currently, $ALGO has a market cap of over $1.54 billion and trades around $0.19. Over the past year, the token has gained more than 30%, demonstrating relative price stability. In March this year, $ALGO experienced a bullish phase, briefly reaching a local high of over $0.30 before settling at its current level. However, it remains significantly below its all-time high of approximately $3.10.

Credit: CoinGecko

Technical Analysis

From a technical standpoint, recently, $ALGO surpassed a key resistance level at $0.17, followed by a successful retest of the $0.14 support level. Analysts suggest this indicates strong potential for further upward movement, with the next target at $0.21 if the bullish trend continues. Conversely, a broader market correction or increased selling pressure could drive prices back into the $0.10–$0.14 range.

Market Sentiment and Developments

Market sentiment for Algorand is gradually improving, bolstered by insights from its recent quarterly report. Highlights include a 63% growth in new addresses, a 12% increase in DeFi Total Value Locked (TVL), and a 34% rise in stablecoin market cap on the network, all signaling a positive trajectory for the platform.

Future Outlook

With its strong technological foundation emphasizing speed, security, and scalability, Algorand is positioned as a key contender in the blockchain space. As such, the long-term outlook for $ALGO remains optimistic, supported by its consistent growth and innovative infrastructure.

Tags: $ALGOAlgorandBlockchaincryptoDeFiPPoS
Tweet5ShareShare
Gary Ponce

Gary Ponce

Gary has been active in the space since 2019. He trades regularly, hunts for airdrops, and occasionally dabbles in low-cap meme coins with strong narratives. For the past four years, he has been working with Aiur Labs, contributing his expertise and insights for the community. Gary is also a strong believer and long-term holder of Bitcoin, Sui, Hype, Litecoin, XRP, and a variety of other meme tokens.

DON'T MISS THESE! HOT OFF THE PRESS

XRP Battles to Hold $2.74 as Bearish Pressure Mounts
CRYPTO

XRP Battles to Hold $2.74 as Bearish Pressure Mounts

August 31, 2025
Ethereum at a Crossroads as Price Pulls Back from Highs
CRYPTO

Ethereum at a Crossroads as Price Pulls Back from Highs

August 30, 2025
Dogecoin Rebounds as Elon Musk’s Lawyer Pushes Bold $200M Treasury Plan
BUSINESS

Dogecoin Rebounds as Elon Musk’s Lawyer Pushes Bold $200M Treasury Plan

August 30, 2025
Pudgy Penguins’ Mobile Game Launch Sparks Bullish Predictions for PENGU Token
CRYPTO

Pudgy Penguins’ Mobile Game Launch Sparks Bullish Predictions for PENGU Token

August 30, 2025
Bitcoin Skepticism Won’t Go Away—Even at $10 Million, Says Adviser
BITCOIN

Bitcoin Skepticism Won’t Go Away—Even at $10 Million, Says Adviser

August 30, 2025
Indian Court Hands Life Sentences to Ex-Politician and Police Officers Over Bitcoin Kidnapping Plot
BITCOIN

Indian Court Hands Life Sentences to Ex-Politician and Police Officers Over Bitcoin Kidnapping Plot

August 30, 2025
Load More

Related News

XRP Battles to Hold $2.74 as Bearish Pressure Mounts

XRP Battles to Hold $2.74 as Bearish Pressure Mounts

August 31, 2025
Ethereum at a Crossroads as Price Pulls Back from Highs

Ethereum at a Crossroads as Price Pulls Back from Highs

August 30, 2025
Dogecoin Rebounds as Elon Musk’s Lawyer Pushes Bold $200M Treasury Plan

Dogecoin Rebounds as Elon Musk’s Lawyer Pushes Bold $200M Treasury Plan

August 30, 2025
Pudgy Penguins’ Mobile Game Launch Sparks Bullish Predictions for PENGU Token

Pudgy Penguins’ Mobile Game Launch Sparks Bullish Predictions for PENGU Token

August 30, 2025
Bitcoin Skepticism Won’t Go Away—Even at $10 Million, Says Adviser

Bitcoin Skepticism Won’t Go Away—Even at $10 Million, Says Adviser

August 30, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews